Hi Johnny,
As noted on page 7 of Cohu's most recent investor Presentation Cohu points out that testing for HBM (high bandwidth Memory) is one of their new products. This marks their first entry into inspection of memory chips.
NEW GROWTH OPPORTUNITIES (1) High Bandwidth Memory. (2) High Electron Mobility Transistors. (3) Overall Equipment Efficiency. Key product developments targeting high growth markets Entering new markets and strategic acquisitions HBM(1) Inspection Wide Bandgap AI Process Control xPU Mixed Signal AI Inspection Metrology Known Good Die Test AI-Driven & ML Data Analytics Platform Improved Yield with Active Thermal Control Scalable, Cost-Efficient Test HBM3 HBM3E HBM4 SiC Diodes SiC MOSFETs GaN HEMT(2) Anomaly Detection Predictive Maintenance Higher OEE(3), Yield & Output GPUs, MPUs, APUs, NPUs MCU, Display Drivers RF, Analog & Powe
Yesterday's Micron earnings indicates the HBM is the new and in high demand product. They indicate it will be a driver of future growth for several years.
Ed Ludlow of Bloomberg News indicated there are only three makers of HBM : Micron, SKHynix, and Samsung.
If Cohu's AI inspection devices are embraced by all three HBM makers ( t has been adopted by one of the above already), it could well become as several year growth "new system" for Cohu. On page 9 they estimate it to be a 100 million Dollar market for HBM AI inspection. The HBM market is estimated to become a : The HBM market is estimated to be approx. $4B in 2024 with a CAGR of 68% through 2030.
Perhaps this new entry and it 's above average growth is what is driving Cohu's price up of late.
It sure would be nice to hear positive news on new system sales and getting into growth guidance and new system driving revenue and gross over the already solid recurring business.
Just that change has been missing for 2 years. It could start an explosive run up.
Edit This excerpt from Microns earnings thhis week says it well:
Product roadmap execution advanced with key one gamma DRAM and HBM4 sampling milestones, while ongoing HBM ramp resulted in a record revenue run rate in Q3 FY2025 (non-GAAP) and earlier-than-anticipated share gains. Guidance for the next quarter (Q4 FY2025) anticipates continued record revenue and profitability on a non-GAAP basis, with DRAM supply expected to remain tight as customer demand remains robust.
Mehrotra stated, our HBM is sold out for calendar year 2025, and anticipates HBM bit demand growth will "significantly exceed" overall DRAM demand in CY2026.
Bob |
